Shaw & Partners' senior advisers David Dall and Jed Richards
Advisers at Shaw & Partners in Adelaide question the efficacy of FASEA’s professional year and the ability of the arrangement to adequately incentivize smaller firms to take on fresh talent.
The professional year, which requires advisers to oversee 1600 hours of training – 100 of which is structured – to ensure trainee competence in technical aspects and client care, as well as regulation, professionalism and ethics, has been criticised as being too onerous and expensive for smaller advice practices.
According to Shaw and Partners senior adviser Jed Richards, the PY has merit but can be an onerous commitment for advisers. “It takes about 20 per cent of your time,” he says. “We’re busy enough as it is.”